Financial and Stock Performance of PT Indorama Synthetics Tbk (INDR) Before and After the Implementation of Minister of Trade Regulation No. 8 of 2024

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Abiyyu, Husain (2026) Financial and Stock Performance of PT Indorama Synthetics Tbk (INDR) Before and After the Implementation of Minister of Trade Regulation No. 8 of 2024. Masters thesis, IPMI Institute.

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Abstract

This study compares the financial and stock performance of PT Indorama Synthetics Tbk (INDR) across periods before and after the implementation of Minister of Trade Regulation No. 8 of 2024. A quantitative case-study design was applied using quarterly financial data from Q2 2022 to Q2 2026. Eight observations were classified as pre-implementation and eight as post-implementation, with Q2 2024 excluded to avoid overlapping regulatory conditions. Financial performance was assessed through liquidity, solvency, profitability, and efficiency ratios. Stock performance was evaluated using 52 weekly stock return observations in 2024, consisting of 19 pre-regulation period and 33 post-regulation period. The analysis used descriptive statistics, the Shapiro–Wilk normality test, paired-samples t-tests, the Holm–Bonferroni correction, and the Mann–Whitney U test. Descriptive results showed lower average liquidity, higher leverage, improvements in several profitability and efficiency indicators, and a decline in average weekly stock return from 0.07% to −0.25%. Before multiple-comparison adjustment, the Current Ratio, Quick Ratio, Debt to Asset Ratio, Debt to Equity Ratio, and Inventory Turnover showed statistically significant differences at the 5% level. However, after the Holm–Bonferroni correction, none of the 11 financial-ratio comparisons remained statistically significant. The Mann–Whitney U test also showed no statistically significant difference in INDR stock returns between the two periods (p = 0.824). A supplementary analysis of PT Argo Pantes Tbk (ARGO) similarly showed no significant difference in stock returns (p = 0.258). Accordingly, the hypotheses predicting significant differences in liquidity, solvency, profitability, efficiency, and stock returns were not supported. The findings indicate descriptive changes between the two periods but do not establish a causal effect of the regulation.

Keywords : Financial Performance, Financial Ratios, Stock Return, Textile Industry, PT Indorama Synthetics Tbk (INDR), Minister of Trade Regulation No. 8 of 2024, paired-samples t-tests, Holm–Bonferroni Correction, Mann–Whitney U Test.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: sandra margaretha
Date Deposited: 28 Sep 2026 02:31
Last Modified: 28 Sep 2026 02:31
URI: http://repository.ipmi.ac.id/id/eprint/3033

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